Abu Dhabi-based investment firm Al Hail has wrapped up the acquisition of Dubai-based wealth and asset management firm Allied Investment Partners (AIP).
Financial terms of the transaction have not been revealed.
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Founded in 2007, AIP provides services such as asset management, alternative investments, wealth management, corporate finance and investment banking advisory.
Licensed by the Securities and Commodities Authority in the UAE, Al Hail has a diverse portfolio across a category of sectors such as investment and funds, financial services, healthcare, education, infrastructure, real estate, technology and security.
The latest deal is expected to further bolster its financial service capabilities.
AIP chairman Hamad Darwish remarked that the company has become a ‘fully local financial service firm’ with the completion of the deal.
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By GlobalDataHe also said that the company now aims to be a ‘one stop shop’ offering wealth management, asset management, and a range of investment banking services to its clients.
AIP managing director Iyad Hweij added: “We are excited about this acquisition and the new Board of Directors which consists of reputable and experienced directors, which will also provide direction and guidance towards achieving AIP’s vision.”
According to Hweij, AIP is in the final stages of the development of a new spectrum of offering, which will be rolled out during this quarter.
“These products will enable AIP to further address market demand for safe, liquid, and unique investments across different asset classes,” said Hweij.
As part of the transaction, a new member will join the board of directors of AIP.
